[DollyL]

Originally Posted by ridge

Checking on home insurance with independent agent. I asked about sinkhole insurance and agent said companies are not offering it on new policies. Has anyone else be told the same?

Also how important do you think it is? Our present policy has sinkhole but deductible is high - 10% of home value.

Thanks for your response.

Funny you ask this question…
I just got home after transferring my homeowners, car insurance, golf cart insurance & Umbrella policies to State Farm. Our agent is Julie Foust. She is associated with State Farm insurance with Connie Wise on Campbell Rd off 466 between Buena Vista Blvd & Belvedere.
Sink hole deductible is $1000
Yes, that’s right! $1000. The premium on the homeowners policy cost $180.
(I corrected my figures as I posted them previously in error)
Please let her know that I referred you. I receive no benefit for referrals. Thank you. Dolly (Elaine) Latello

[ithos]

Originally Posted by Runway48

Do you know if GPR is, or can be, included in a pre-purchase home inspection? Thanks

That would be a question for a Real Estate professional. If all parties agree then I am sure it could be done. Most likely the buyer would have to pay for the inspection or include it in the sales price.

I believe most owners woul not allow it as there is far more risk than gain for them. I will go out on a limb and say that the vast majority of homes in The Villages have not had this inspection.

[biker1]

Are you sure about that? My State Farm Policy's sink hole deductible is the same as the rest of the policy's deductible. $180 sound like the premium cost of the sink hole coverage.

Originally Posted by DollyL

Funny you ask this question…
I just got home after transferring my homeowners, car insurance, golf cart insurance & Umbrella policies to State Farm. Our agent is Julie Foust. She is associated with State Farm insurance with Connie Wise on Campbell Rd off 466 between Buena Vista Blvd & Belvedere.
Sink hole deductible is $180!
Yes, that’s right! $180!
Please let her know that I referred you. I receive no benefit for referrals. Thank you. Dolly (Elaine) Latello

[Chitown]

I have State Farm insurance and my homeowners policy covers both Sinkhole and catastrophic ground collapse. I specifically called my agent to make sure I had both.

[DollyL]

Originally Posted by biker1

Are you sure about that? My State Farm Policy's sink hole deductible is the same as the rest of the policy's deductible. $180 sound like the premium cost of the sink hole coverage.

I did post that in error. Thank you for catching that.
The premium for sinkhole costs $180. The deductible is $1000.
Sorry for posting incorrectly.

[DollyL]

Originally Posted by biker1

Are you sure about that? My State Farm Policy's sink hole deductible is the same as the rest of the policy's deductible. $180 sound like the premium cost of the sink hole coverage.

Sorry! I did post that figure in error.
The premium for sinkhole is $180 and the deductible is $1000

[Trident2]

Originally Posted by Rocksnap

Our standard policy cover FIXABLE sinkhole damage. I added total loss sinkhole coverage for $240 a year.

That sounds like a very good price. Who is your insurance agency/company. Would you mind sharing contact information?

[jrref]

Originally Posted by DollyL

Sorry! I did post that figure in error.
The premium for sinkhole is $180 and the deductible is $1000

This should tell you since the coverage is so cheap that the likelyhood of a sink hole occuring is deemed very low according to the insurance company. You are probably wasting your money but do what makes you feel secure.

[biker1]

That is true for home owner's insurance is general. The risk of your home burning down is very low. I suspect many people are capable of self-insuring but why bother when the financial leverage of insurance is so great.

Originally Posted by jrref

This should tell you since the coverage is so cheap that the likelyhood of a sink hole occuring is deemed very low according to the insurance company. You are probably wasting your money but do what makes you feel secure.

[jabacon6669]

Originally Posted by retiredguy123

Your information does not seem to track with this explanation from Harry Levine Insurance. Also, both sinkhole insurance and catastrophic ground collapse insurance only cover the house, not the surrounding property:

"Catastrophic Ground Cover Collapse
Catastrophic ground cover collapse coverage is included under your existing home insurance policy.
However, your claim must meet four requirements before your insurance company will reimburse you for the loss:

1. The abrupt collapse of the ground cover;
2. A depression in the ground cover clearly visible to the naked eye;
3. ,Structural damage to the insured building, including the foundation; and
4. The insured structure being condemned and ordered to be vacated by the governmental agency authorized by law to issue such an order for that structure.

Again, all four of these conditions must be met for it to be considered catastrophic ground collapse. Incidents that meet only some of these conditions would require a sinkhole insurance policy."

Thanks for your response. My info is based on what I have been told from State Farm. So, I'm told that the state comes in and does a test, if it's caused by a limestone deposit below the earth. then it's a sink hole. You make no mention of this. You're just saying all 4 points must be met, whether there is limestone or not. This makes no sense. Or, the insurance companies are telling us what they want us to hear. Go figure?

[retiredguy123]

Originally Posted by jabacon6669

Thanks for your response. My info is based on what I have been told from State Farm. So, I'm told that the state comes in and does a test, if it's caused by a limestone deposit below the earth. then it's a sink hole. You make no mention of this. You're just saying all 4 points must be met, whether there is limestone or not. This makes no sense. Or, the insurance companies are telling us what they want us to hear. Go figure?

When I was shopping for sinkhole insurance, I found that many insurance salespeople were woefully uninformed about sinkhole insurance. The catastrophic ground collapse coverage is mandatory in Florida, so almost all policies are boilerplate and will cover the same thing. If you are interested in buying the optional sinkhole insurance rider, I would suggest that you get a copy of the rider and read it yourself. Mine is only a few pages long. You don't need a verbal explanation from an agent because they will most likely give you inaccurate information. Note that these "agents" are not legal agents of the company, and whatever they tell you is non-binding on them or the insurance company. The policy and the rider are the only documents that are binding on the company.